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Thread: Wealth Tax Queries

  1. #1
    Junior Member
    Join Date
    Apr 2013
    Posts
    1

    Default Wealth Tax Queries

    My husband and I held all assets in JOINT NAMES.

    Our assets is approximate 1 million euros, excluding the 250k euro main house in Spain.

    1) Are we liable for wealth tax?
    2) Is Resident Income Tax and Wealth Tax filling using the same form or separate forms?
    3) Do we need to file a wealth tax? OR does the wealth tax return only needs to be filed when there is a tax to be paid?

  2. #2
    Administrator
    Join Date
    Oct 2008
    Posts
    185

    Default

    Dear Iris

    Sorry for the late reply.

    I'm quoting below the answer provided by Juan Carretero from Lawbird.

    Wealth tax levies the worlwide assets. The first €700.000 are exempt from tax and €300,000 can be deducted from the valuation of the family home before it is added to the total asset calculation.

    In your case, it would be €1,250,000/2 = €625,000 for each of you. Since you are below the €700,000 threshold, there is no need to file a wealth tax declaration. However if you are a Spanish fiscal resident and have goods and assets in another country worth over €50,000, you must file Form 720.
    Kind regards

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